India to join new Global Foreign Exchange Committee

Posted by Daily Shipping Times on 13-07-2017        Tweet

HAMBURG: India will soon get a seat on the Global Foreign Exchange Committee (GFXC), a newly-constituted forum of central bankers and experts working towards promotion of a robust and transparent forex market.

The committee has been set up under the guidance of the Bank for International Settlements (BIS), an international financial organisation owned by 60 member central banks, representing countries from around the world.

In a progress report on 'reducing misconduct risks in the financial sector', the Financial Stability Board (FSB) informed the G20 Summit, attended by Prime Minister Narendra Modi, here that actions to enhance conduct standards and adherence in markets include a 'Global Code of Conduct for the Foreign Exchange Markets'. FSB is an international body for global financial system.